Indian Economy | General Knowledge Questions and Answers | General Knowledge Free Online-Tests | LucentBlackBoard

01.

ICICI is the name of a

A.	chemical industry	B.	bureau
C.	corporation	D.	financial institution

Answer and Explanation

Answer: financial institution

Explanation:
There is no explanation...

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02.

The budget deficit means

A.	the excess of total expenditure, including loans, net of lending over revenue receipts	B.	difference between revenue receipts and revenue expenditure
C.	difference between all receipts and all the expenditure	D.	fiscal deficit less interest payments

Answer and Explanation

Answer: difference between all receipts and all the expenditure

Explanation:
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03.

The current price index (base 1960) is nearly 330. This means that

A.	all items cost 3-3 times more than what they did in 1960	B.	the prices of certain selected items have gone up to 3-3 times
C.	weighted means of prices of certain item has increased 3-3 times	D.	gold price has gone up 3-3 times

Answer and Explanation

Answer: weighted means of prices of certain item has increased 3-3 times

Explanation:
There is no explanation...

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04.

The apex body for formulating plans and coordinating research work in agriculture and allied fields is

A.	State Trading Corporation	B.	Regional Rural Banks
C.	National Bank for Agriculture and Rural Development (NABARD)	D.	Indian Council of Agricultural Research

Answer and Explanation

Answer: Indian Council of Agricultural Research

Explanation:
There is no explanation...

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05.

National Agricultural Insurance Scheme replacing Comprehensive Crop Insurance Scheme was introduced in the year

A.	1997	B.	1998
C.	1999	D.	2000

Answer and Explanation

Answer: 1999

Explanation:
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06.

Excise duty is a tax levied on the:

A.	Import of goods.	B.	Export of goods.
C.	Production of goods.	D.	Sale of goods

Answer and Explanation

Answer: Production of goods.

Explanation:
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07.

Since the inception of the co-operative movement, rural credits has been

A.	institutionalized	B.	rationalized
C.	cheapened	D.	All of the above

Answer and Explanation

Answer: All of the above

Explanation:
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08.

The banks are required to maintain a certain ratio between their cash in the hand and totals assets. This is called

A.	Statutory Bank Ratio (SBR)	B.	Statutory Liquid Ratio (SLR)
C.	Central Bank Reserve (CBR)	D.	Central Liquid Reserve (CLR)

Answer and Explanation

Answer: Statutory Liquid Ratio (SLR)

Explanation:
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09.

Which of the following items would not appear in a company's balance sheet?

A.	Value of stocks of raw materials held	B.	Total issued capital
C.	Revenue from sales of the company's products	D.	Cash held at the bank

Answer and Explanation

Answer: Revenue from sales of the company's products

Explanation:
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10.

On which one of the followings is the benefits received principle of taxation to achieve optimality bases?

A.	Marginal benefit received	B.	Total benefit received
C.	Average benefit received	D.	Ability to pay for the benefit

Answer and Explanation

Answer: Ability to pay for the benefit

Explanation:
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11.

Deficit financing means that the government borrows money from the:

A.	RBI	B.	Local bodies
C.	Big businessmen	D.	IMF

Answer and Explanation

Answer: RBI

Explanation:
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12.

National expenditure includes

A.	consumption expenditure	B.	investment expenditure
C.	government expenditure	D.	All of the above

Answer and Explanation

Answer: All of the above

Explanation:
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13.

Gross domestic capital formation is defined as:

A.	Flow of expenditure devoted to increase or maintaining of the capital stock.	B.	Expenditure incurred on physical assets only.
C.	Production exceeding demand.	D.	Net addition to stock after depreciation.

Answer and Explanation

Answer: Net addition to stock after depreciation.

Explanation:
There is no explanation...

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14.

States earn maximum revenue through

A.	land revenue	B.	custom revenue
C.	commercial taxes	D.	excise duties on intoxicants

Answer and Explanation

Answer: commercial taxes

Explanation:
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15.

The annual yield from which of the following Union Government taxes is the highest?

A.	Custom duties	B.	Corporation tax and income tax
C.	Inheritance tax, wealth tax, interest tax and gift tax	D.	Excise duties

Answer and Explanation

Answer: Excise duties

Explanation:
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16.

Our financial system has provided for the transfer of resources from the centre to the states, the important means of resource transfer are:

A.	Tax sharing.	B.	Grant-in-aids.
C.	Loans.	D.	All of the above.

Answer and Explanation

Answer: All of the above.

Explanation:
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17.

Reserve Bank of India was nationalized in the year

A.	1935	B.	1945
C.	1949	D.	1969

Answer and Explanation

Answer: 1949

Explanation:
RBI established in 1935 and nationalized in 1949.

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18.

India changed over to the decimal system of coinage in

A.	April 1995	B.	April 1957
C.	April 1958	D.	April 1959

Answer and Explanation

Answer: April 1957

Explanation:
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19.

Deficit financing implies

A.	printing new currency notes	B.	replacing new currency with worn out currency
C.	public expenditure in excess of public revenue	D.	public revenue in excess of public expenditure

Answer and Explanation

Answer: public expenditure in excess of public revenue

Explanation:
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20.

Gross domestic capital formation is defined as

A.	flow of expenditure devoted to increased or maintaining of the capital stock	B.	expenditure incurred on physical assets only
C.	production exceeding demand	D.	net addition to stock after depreciation

Answer and Explanation

Answer: net addition to stock after depreciation

Explanation:
There is no explanation...

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